9911796707
TMI Blog1980 (4) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... as not paid from year to year, but eight instalments were paid together in the year which ended on March 31, 1961. The assessee claimed that only the eighth instalment which became due to him on July 1, 1960, could be included for assessment in the assessment year 1961-62 and that the earlier instalments could not be so included. This contention was, however, rejected by the ITO, by the AAC and by the Appellate Tribunal, and hence this reference at the instance of the assessee. One more fact that remains to be mentioned, as some emphasis has been laid upon it, is that when the assessee received the sum of Rs. 30,819 on March 14, 1961, he filed the revised returns of income on October 21, 1961, for the assessment years 1957-58 to 1960-61 sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tbhai v. CIT [1952] 22 ITR 13 (Bom) the word receivable " has been interpreted as meaning " income actually received The decision has explained at length the reason why the word " receivable " has been used even though the idea was that the income was taxable only on receipt basis. This view was followed by the High Court of Madras in the case of Karumuthu Thiagaraja Chettiar v. CIT [1953] 24 ITR 593. The interpretation placed by this decision has been accepted by the decision of this court (to which one of us was a party) dated 7th April, 1978, in ITR No. 78/69, CIT v. Rajindar Kumar Mohatta. The above reference, however, arose under the 1961 Act and after referring to the position under the 1922 Act, the Bench of this court proceeded to c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ears 1957-58 to 1960-61, or in the assessment year 1961-62. For the reasons already stated, we are of the opinion that the inclusion of the entire amount of interest received in the assessment year 1961-62, was in accordance with law. In the case cited by the learned counsel the position was different. In that case an amount was sought to be brought to tax in the assessment year 1943-44, whereas according to the provisions of s. 23A of the Act it was deemed to be the income of the assessee in the previous year relevant to the assessment year in which the annual general meeting of the company in question had been held. The court, therefore, held that the amount could not be sought to be assessed in the assessment year 1943-44, but that it sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ater. Secondly, on behalf of the department, it was pointed out that though the interest income had been included in the earlier years on accrual basis the assessee had been given credit for the tax deducted at source not only in the earlier years but also in the assessment year under consideration as is apparent from the assessment orders included in the printed papers. We do not consider it necessary to go into these questions in this reference as they do not arise out of the order of the Tribunal or the controversy between the parties at the earlier stages. The only question which the assessee had raised was that the inclusion in the assessment year 1961-62 should be deleted, because portions of the amounts had been assessed in earlier y ..... X X X X Extracts X X X X X X X X Extracts X X X X
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